Brookfield Multiplex and Laing O’Rourke will go head-to-head for the rights to redevelop Sydney’s Olympic stadium at Homebush.

Stadium Australia Operations, the operator of ANZ Stadium has shortlisted the two construction giants to head the multi-million redevelopment of ANZ Stadium, which will include the construction of a retractable roof.

Brookfield Multiplex is the original builder of stadium which hosted the Olympic Games in 2000, and has told Stadium Australia Operations it would be “honoured" to continue its association with the site.

Rival developer Laing O’Rourke has appointed architects BVN Donovan Hill and engineering consultancy Arup as its technical partners on the project.

“Our bid for this landmark project will be centred around a memorable experience for the Western Sydney community, and all ANZ Stadium visitors, workers, top-tier entertainers and on-field gladiators," Laing O’Rourke regional director Nick Luzar said.

The redevelopment proposes a major configuation of the stadium’s lower seating bowl so as to create a perfect retangular field for rugby league, rugby union and football matches. The eastern and western boundaries will also be expanded, to make the field a better shape for cricket, and to allow for a traditional oval-shape for AFL.

A new, retractable roof to make the stadium weather-proof for all events.

The two consortiums will present their ideas and designs for the redevelopment to an evaluation committee made up of a number of stakeholders at ANZ Stadium in coming days.